The latest funding, which comes on top of $10 million raised last year, was led by Nineyards Equity and joined by Antler, Zenith VC, and J12 Ventures.

Treyd helps SMEs with their cash flow, freeing up capital from the supply chain by letting them sell their goods before paying suppliers.

In the last 18 months, the firm has expanded throughout the Nordics and into the UK. It has provided more than £100 million in upfront supplier payments for over 600 clients.

Peter Beckman, CEO, Treyd, says: “Since launching the ‘sell first, pay suppliers later’ category three years ago, we’ve had an overwhelming response from the brand and retail community.

“Today, we’re helping the growth of hundreds of the most exciting fast-growing SMEs across the UK and Nordics. With this latest investment, we will be able to yet further improve our support of these and many more companies, by fundamentally upgrading our platform and product offering.”